منابع مشابه
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I analyze the impact of a firm’s environmental profile on its cost of equity and debt capital. Using implied cost of capital derived from analysts’ earnings estimates, I find that investors demand significantly higher expected returns on stocks excluded by environmental screens (such as hazardous chemical, substantial emissions and climate change concerns) compared to firms without such environ...
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متن کاملHuman Capital and Externalities in Cities
We combine growth theory with US Census data on individual schooling and wages to estimate the aggregate return to human capital and human capital externalities in cities. Our estimates imply that a one-year increase in average schooling in cities increases their aggregate labor productivity by 8 to 11 percent. We find no evidence for aggregate human capital externalities in cities however. Our...
متن کاملEthnicity, Neighborhoods, and Human-Capital Externalities
The socioeconomic performance of today's workers depends not only on parental skills, but also on the average skills of the ethnic group in the parents' generation (or ethnic capital). This paper investigates the link between the ethnic externality and ethnic neighborhoods. The evidence indicates that residential segregation and the external effect of ethnicity are linked, partly because ethnic...
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ژورنال
عنوان ژورنال: The Review of Financial Studies
سال: 2016
ISSN: 0893-9454,1465-7368
DOI: 10.1093/rfs/hhw096